Customer Experience Management Market size was valued at USD 14,563.40 Million in 2023 and is projected to reach USD 28,181.95 Million by 2030, growing at a CAGR of 8.59% from 2024 to 2030.
Digital transformation initiatives act as a catalyst for the Global Customer Experience Management Market and increased focus on customer retention are the factors driving market growth. The Global Customer Experience Management Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
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Customer Experience Management, often known as CXM or CEM, is a set of marketing tactics and technology centred on customer involvement, satisfaction, and experience. Customer Experience Management is the discipline of understanding customers and implementing strategic plans to enable cross-functional activities and a customer-centric culture in order to promote satisfaction, loyalty, and advocacy. Customer Experience Management is the management of customer interactions at all physical and digital touchpoints in order to provide personalised experiences that promote brand loyalty and profitability.
Customer Experience Management is an approach of managing customer connections that extends beyond marketing tools and software, with the objective of accomplishing a digital transformation that really places customers at the core of the organisation. A Customer Experience Management philosophy prioritises orchestrating and personalising the complete end-to-end customer experience and enables it to be done at scale, across any channel, in real time.
Managing customer experience is about how customers feel when they interact with a brand, not only how they perceive their experience with a brand or the activities a firm does. Customers’ perceptions of a brand will alter – preferably in a favourable way – every time they visit the company’s website, contact customer service, or view advertisements online. Companies may improve their client loyalty by establishing CEM key performance indicators and implementing a Customer Experience Management plan.
Customer Experience Management is a broader concept that incorporates all of a customer’s interactions with a company, including their thoughts, feelings, and impressions of the brand. Customer Experience Management is concerned with providing a great and consistent experience for customers across all touchpoints in order to foster long-term customer loyalty and advocacy. Customer Experience Management directly affects a company’s bottom line. According to research, people are prepared to spend more for a better experience, and if they have a pleasant experience, they are more likely to become repeat customers and promote the business to others. Customer Experience Management also aids organisations in distinguishing themselves from competition. In today’s congested economy, when products and services are easily duplicated, the customer experience is frequently what distinguishes firms. In fact, one in every three customers claimed they’d abandon a favourite brand after only one unpleasant encounter.
The right Customer Experience Management software will collect data from customers, analyse the whole trip, and find areas where businesses can enhance their procedures. Businesses may obtain insights into what their consumers want and need, allowing them to make educated decisions about how to best serve them. Customer Experience Management, in the end, encourages customer loyalty and advocacy. Customers are more likely to become loyal to a company and suggest it to others when they feel valued and appreciated. This might result in a consistent inflow of new and repeat consumers.
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The Global Customer Experience Management (CEM) Market has expanded dramatically over the last decade, becoming a vital strategic necessity for organisations across several industries. The Customer Experience Management industry has seen significant development and innovation as organisations recognise the critical role of providing excellent customer experiences to generate loyalty and competitiveness. The Customer Experience Management industry is projected to see greater innovation and integration of cutting-edge technologies as technology advances and customer expectations alter. In today’s customer-centric business market, companies who prioritise and invest in Customer Experience Management will gain a competitive edge.
Several factors are driving the worldwide expansion of the Customer Experience Management Market. For instance, increased business rivalry has made it essential for organisations to differentiate themselves through outstanding client experiences. Companies are realising that providing exceptional products or services alone is not enough to be competitive as customers become pickier and demanding. Customers have become more knowledgeable and discerning as a result of the digital era. Customer expectations have been profoundly affected by the continuing digital revolution. As a result, consumer expectations have risen, requiring organisations to invest in sophisticated Customer Experience Management systems in order to meet and surpass these demands. Businesses must implement advanced Customer Experience Management systems to create seamless, personalised, and multichannel experiences as customers grow more technologically aware. Customers have been empowered by the growth of smartphones, social media, and online platforms, providing them more options and a stronger voice. Companies are investing in Customer Experience Management systems to manage and optimise consumer interactions across several channels, both online and offline.
Customers have become more knowledgeable and discerning as a result of the digital era. Customer expectations have been profoundly affected by the continuing digital revolution. As a result, consumer expectations have risen, requiring organisations to invest in sophisticated Customer Experience Management systems in order to meet and surpass these demands. Businesses must implement advanced Customer Experience Management systems to create seamless, personalised, and multichannel experiences as customers grow more technologically aware. Customers have been empowered by the growth of smartphones, social media, and online platforms, providing them more options and a stronger voice.
Companies are investing in Customer Experience Management systems to manage and optimise consumer interactions across several channels, both online and offline. Another issue is privacy, which arises as organisations collect and analyse vast amounts of client data. With a rising dependence on client data for personalised experiences, data security and privacy are becoming more important concerns. Organisations need to find a delicate balance between exploiting customer data and establishing proper security measures in order to build trust among their client base. Maintaining a proper balance between tailored services and customer privacy is an ongoing challenge for organisations. Complexity in implementation, particularly for big businesses with different systems and old infrastructure, can be a barrier. It is vital to ensure that Customer Experience Management systems integrate seamlessly with current technology and procedures.
The Global Customer Experience Management Market is segmented on the basis of Analytical Tools, Touchpoint, End Use, and Geography.
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Based on Analytical Tools, the market is segmented into Enterprise Feedback Management (EFM) Software, Speech Analytics, Text Analytics, Web Analytics & Content Management, and Other Analytics. Text Analytics accounted for the largest market share of 41.22% in 2022. The segment accounted for a market value of USD 6,002.47 Million and is projected to grow at a CAGR of 9.33% during the forecast period. Enterprise Feedback Management (EFM) Software was the second-largest market in 2022, valued at USD 3,209.14 Million in 2022; it is projected to grow at a CAGR of 7.32%.
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Based on TouchPoint, the market is segmented into Web Services, Call Centers, Mobile, Social Media Platform, Email, and Others. Web Services accounted for the largest market share of 42.83% in 2022, with a market value of USD 6,236.96 Million, and is projected to grow at a CAGR of 9.76% during the forecast period. Call Centers was the second-largest market in 2022, valued at USD 3,620.21 Million in 2022; it is projected to grow at a CAGR of 6.56%.
Based on End User, the market is segmented into Retail, BFSI, Healthcare, IT & Telecom, Manufacturing, Government, Energy & Utilities, and Others. IT & Telecom accounted for the largest market share of 21.54% in 2022, with a market value of USD 3,136.74 Million, and is projected to grow at a CAGR of 8.75% during the forecast period. BFSI was the second-largest market in 2022, valued at USD 2,497.05 Million in 2022; it is projected to grow at a CAGR of 8.40%.
On the basis of Regional Analysis, the Global Customer Experience Management Market is classified into U.S., Central America, Latin America, Middle East, and ROW (Rest of the World). In 2022, U.S. accounted for the largest market share of 22.06% in 2022, with a market value of USD 3,213.01 Million and is projected to grow at a CAGR of 9.04% during the forecast period as there is an increasing digital transformation which drives CXM adoption, enhancing customer engagement across industries. Latin America was the second-largest market in 2022, valued at USD 1,238.22 Million in 2022; it is projected to grow at a CAGR of 7.51% as the country is experiencing surging growth in mobile usage and internet.
The “Global Customer Experience Management Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as WenUpCX, Avaya LLC, Sapiens International, Freshworks Inc., Track.co, Genesys, SEIDOR, Open Text Corporation, Apex America, Medallia, Service Management Group (SMG), Konecta Group, Qualtrics, Iterum Connections, Verint Systems Inc. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players Globally.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with Coating Type benchmarking and SWOT analysis.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2020-2030 |
| Base Year | 2023 |
| Forecast Period | 2024-2030 |
| Historical Period | 2020-2022 |
| Unit | Value (USD Million) |
| Key Companies Profiled | WenUpCX, Avaya LLC, Sapiens International, Freshworks Inc., Track.co, Genesys, SEIDOR. |
| Segments Covered | By Analytical Tools, By Touchpoint, By End-Use, And By Geography. |
| Customization Scope | Free report customization (equivalent to up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
Customer Experience Management Market Infographic
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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes an in-depth analysis of the market from various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
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1 INTRODUCTION
1.1 MARKET DEFINITION
1.2 MARKET SEGMENTATION
1.3 RESEARCH TIMELINES
1.4 ASSUMPTIONS
1.5 LIMITATIONS
2 RESEARCH METHODOLOGY
2.1 DATA MINING
2.2 SECONDARY RESEARCH
2.3 PRIMARY RESEARCH
2.4 SUBJECT MATTER EXPERT ADVICE
2.5 QUALITY CHECK
2.6 FINAL REVIEW
2.7 DATA TRIANGULATION
2.8 BOTTOM-UP APPROACH
2.9 TOP-DOWN APPROACH
2.10 RESEARCH FLOW
2.11 DATA SOURCES
3 EXECUTIVE SUMMARY
3.1 GLOBAL CUSTOMER EXPERIENCE MANAGEMENT MARKET OVERVIEW
3.2 GLOBAL CUSTOMER EXPERIENCE MANAGEMENT MARKET ESTIMATES AND FORECAST (USD MILLION), 2021-2030
3.3 OBAL CUSTOMER EXPERIENCE MANAGEMENT MARKET ECOLOGY MAPPING
3.4 COMPETITIVE ANALYSIS: FUNNEL DIAGRAM
3.5 GLOBAL CUSTOMER EXPERIENCE MANAGEMENT MARKET ABSOLUTE MARKET OPPORTUNITY
3.6 GLOBAL CUSTOMER EXPERIENCE MANAGEMENT MARKET ATTRACTIVENESS ANALYSIS, BY REGION
3.7 GLOBAL CUSTOMER EXPERIENCE MANAGEMENT MARKET ATTRACTIVENESS ANALYSIS, BY ANALYTICAL TOOLS
3.8 GLOBAL CUSTOMER EXPERIENCE MANAGEMENT MARKET ATTRACTIVENESS ANALYSIS, BY TOUCHPOINT
3.9 GLOBAL CUSTOMER EXPERIENCE MANAGEMENT MARKET ATTRACTIVENESS ANALYSIS, BY END USER
3.10 GLOBAL CUSTOMER EXPERIENCE MANAGEMENT MARKET GEOGRAPHICAL ANALYSIS (CAGR %)
3.11 GLOBAL CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY ANALYTICAL TOOLS (USD MILLION)
3.12 GLOBAL CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY TOUCHPOINT (USD MILLION)
3.13 GLOBAL CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY END USER (USD MILLION)
3.14 FUTURE MARKET OPPORTUNITIES
3.15 PRODUCT LIFELINE
4 MARKET OUTLOOK
4.1 GLOBAL CUSTOMER EXPERIENCE MANAGEMENT MARKET EVOLUTION
4.2 GLOBAL CUSTOMER EXPERIENCE MANAGEMENT MARKET OUTLOOK
4.3 MARKET DRIVERS
4.3.1 DIGITAL TRANSFORMATION INITIATIVES ACT AS A CATALYST FOR THE GLOBAL CUSTOMER EXPERIENCE MANAGEMENT MARKET
4.3.2 INCREASED FOCUS ON CUSTOMER RETENTION HAS BECOME A DRIVING FORCE IN THE GLOBAL CUSTOMER EXPERIENCE MANAGEMENT MARKET
4.4 MARKET RESTRAINTS
4.4.1 DATA SECURITY AND PRIVACY CONCERNS ARE NAVIGATING CHALLENGES IN THE GLOBAL CUSTOMER EXPERIENCE MANAGEMENT MARKET
4.4.2 CHALLENGES WITH LEGACY SYSTEMS ARE A COMPLEX BARRIER IN THE GLOBAL CUSTOMER EXPERIENCE MANAGEMENT MARKET
4.5 MARKET OPPORTUNITY
4.5.1 RISE OF AI-POWERED CUSTOMER SERVICE IS REVOLUTIONIZING THE CUSTOMER EXPERIENCE MANAGEMENT MARKET
4.5.2 GLOBAL EXPANSION AND MARKET PENETRATION IS ELEVATING CUSTOMER EXPERIENCES WORLDWIDE
4.6 MARKET TRENDS
4.6.1 HYPER-PERSONALIZATION IS CRAFTING UNIQUE CUSTOMER EXPERIENCES IN THE CEM MARKET
4.6.2 EMPHASIS ON EMOTIONAL INTELLIGENCE IS A TRANSFORMATIVE TREND IN THE GLOBAL CUSTOMER EXPERIENCE MANAGEMENT MARKET
4.7 PORTER’S FIVE FORCES ANALYSIS
4.7.1 THREAT OF NEW ENTRANTS- MODERATE
4.7.2 THREAT OF SUBSTITUTES- LOW TO MODERATE
4.7.3 BARGAINING POWER OF SUPPLIERS- LOW TO MODERATE
4.7.4 BARGAINING POWER OF BUYERS- MODERATE TO HIGH
4.7.5 INTENSITY OF COMPETITIVE RIVALRY- HIGH
4.8 MACROECONOMIC ANALYSIS
4.9 VALUE CHAIN ANALYSIS
4.10 PRICING ANALYSIS
5 MARKET, BY ANALYTICAL TOOLS
5.1 OVERVIEW
5.2 GLOBAL CUSTOMER EXPERIENCE MANAGEMENT MARKET: BASIS POINT SHARE (BPS) ANALYSIS, BY ANALYTICAL TOOLS
5.3 ENTERPRISE FEEDBACK MANAGEMENT (EFM) SOFTWARE
5.4 SPEECH ANALYTICS
5.5 TEXT ANALYTICS
5.6 WEB ANALYTICS & CONTENT MANAGEMENT
5.7 OTHER ANALYTICS
6 MARKET, BY TOUCHPOINT
6.1 OVERVIEW
6.2 GLOBAL CUSTOMER EXPERIENCE MANAGEMENT MARKET: BASIS POINT SHARE (BPS) ANALYSIS, BY TOUCHPOINT
6.3 WEB SERVICES
6.4 CALL CENTERS
6.5 MOBILE
6.6 SOCIAL MEDIA PLATFORM
6.7 EMAIL
6.8 OTHERS
7 MARKET, BY END USER
7.1 OVERVIEW
7.2 GLOBAL CUSTOMER EXPERIENCE MANAGEMENT MARKET: BASIS POINT SHARE (BPS) ANALYSIS, BY END USER
7.3 RETAIL
7.4 BFSI
7.5 HEALTHCARE
7.6 IT & TELECOM
7.7 MANUFACTURING
7.8 GOVERNMENT
7.9 ENERGY & UTILITIES
7.10 OTHERS
8 MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 U.S.
8.2.1 U.S. MARKET SNAPSHOT
8.3 CENTRAL AMERICA
8.3.1 CENTRAL AMERICA MARKET SNAPSHOT
8.3.2 GUATEMALA
8.3.3 PANAMA
8.3.4 COSTA RICA
8.3.5 REST OF CENTRAL AMERICA
8.4 LATIN AMERICA
8.4.1 LATIN AMERICA MARKET SNAPSHOT
8.4.2 BRAZIL
8.4.3 ARGENTINA
8.4.4 REST OF LATIN AMERICA
8.4.4.1 COLOMBIA
8.4.4.2 DOMINICAN REPUBLIC
8.4.4.3 CHILE
8.4.4.4 PERU
8.4.4.5 URUGUAY
8.4.4.6 PARAGUAY
8.4.4.7 MEXICO
8.4.4.8 ECUADOR
8.4.4.9 BOLIVIA
8.4.4.10 OTHER COUNTRIES
8.5 MIDDLE EAST
8.5.1 MIDDLE EAST MARKET SNAPSHOT
8.5.2 SAUDI ARABIA
8.5.3 UAE
8.5.4 REST OF MIDDLE EAST
8.6 ROW (REST OF WORLD)
9 COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING ANALYSIS
9.3 COMPANY REGIONAL FOOTPRINT
9.4 COMPANY INDUSTRY FOOTPRINT
9.5 ACE MATRIX
9.5.1 ACTIVE
9.5.2 CUTTING EDGE
9.5.3 EMERGING
9.5.4 INNOVATORS
10 COMPANY PROFILES
10.1 WENUPCX
10.1.1 COMPANY OVERVIEW
10.1.2 COMPANY INSIGHTS
10.1.3 SERVICE BENCHMARKING
10.2 AVAYA LLC
10.2.1 COMPANY OVERVIEW
10.2.2 COMPANY INSIGHTS
10.2.3 SERVICE BENCHMARKING
10.2.4 KEY DEVELOPMENTS
10.3 SAPIENS INTERNATIONAL
10.3.1 COMPANY OVERVIEW
10.3.2 COMPANY INSIGHTS
10.3.3 SERVICE BENCHMARKING
10.3.4 KEY DEVELOPMENTS
10.4 FRESHWORKS INC.
10.4.1 COMPANY OVERVIEW
10.4.2 COMPANY INSIGHTS
10.4.3 BUSINESS BREAKDOWN
10.4.4 SERVICE BENCHMARKING
10.4.5 KEY DEVELOPMENTS
10.5 TRACK.CO
10.5.1 COMPANY OVERVIEW
10.5.2 COMPANY INSIGHTS
10.5.3 SERVICE BENCHMARKING
10.6 GENESYS
10.6.1 COMPANY OVERVIEW
10.6.2 COMPANY INSIGHTS
10.6.3 SERVICE BENCHMARKING
10.6.4 KEY DEVELOPMENTS
10.6.5 WINNING IMPERATIVES
10.6.6 CURRENT FOCUS & STRATEGIES
10.6.7 THREAT FROM COMPETITION
10.6.8 SWOT ANALYSIS
10.7 SEIDOR
10.7.1 COMPANY OVERVIEW
10.7.2 COMPANY INSIGHTS
10.7.3 SERVICE BENCHMARKING
10.7.4 KEY DEVELOPMENTS
10.8 OPEN TEXT CORPORATION
10.8.1 COMPANY OVERVIEW
10.8.2 COMPANY INSIGHTS
10.8.3 BUSINESS BREAKDOWN
10.8.4 SERVICE BENCHMARKING
10.8.5 KEY DEVELOPMENTS
10.8.6 WINNING IMPERATIVES
10.8.7 CURRENT FOCUS & STRATEGIES
10.8.8 THREAT FROM COMPETITION
10.8.9 SWOT ANALYSIS
10.9 APEX AMERICA
10.9.1 COMPANY OVERVIEW
10.9.2 COMPANY INSIGHTS
10.9.3 SERVICE BENCHMARKING
10.10 MEDALLIA
10.10.1 COMPANY OVERVIEW
10.10.2 COMPANY INSIGHTS
10.10.3 SERVICE BENCHMARKING
10.10.4 KEY DEVELOPMENTS
10.11 SERVICE MANAGEMENT GROUP (SMG)
10.11.1 COMPANY OVERVIEW
10.11.2 COMPANY INSIGHTS
10.11.3 SERVICE BENCHMARKING
10.11.4 KEY DEVELOPMENTS
10.12 KONECTA GROUP
10.12.1 COMPANY OVERVIEW
10.12.2 COMPANY INSIGHTS
10.12.3 SERVICE BENCHMARKING
10.12.4 KEY DEVELOPMENTS
10.13 QUALTRICS
10.13.1 COMPANY OVERVIEW
10.13.2 COMPANY INSIGHTS
10.13.3 SERVICE BENCHMARKING
10.13.4 KEY DEVELOPMENTS
10.13.5 WINNING IMPERATIVES
10.13.6 CURRENT FOCUS & STRATEGIES
10.13.7 THREAT FROM COMPETITION
10.13.8 SWOT ANALYSIS
10.14 ITERUM CONNECTIONS
10.14.1 COMPANY OVERVIEW
10.14.2 COMPANY INSIGHTS
10.14.3 SERVICE BENCHMARKING
10.15 VERINT SYSTEMS INC.
10.15.1 COMPANY OVERVIEW
10.15.2 COMPANY INSIGHTS
10.15.3 SERVICE BENCHMARKING
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